NextMart, Inc. - Cancellation of Common Stock
NextMart, Inc. (NXMR) announced the cancellation of 305,804,558 shares of Common Stock, reducing its outstanding shares by 46.28%. This action follows a breach of contract by China Internet Broadcasting, Limited regarding an asset exchange agreement from March 2010. The cancellation, completed on March 24, 2022, brings the total issued and outstanding shares to 355,025,304. NXMR is also exploring further cancellations of previously issued shares as part of a corporate cleanup effort.
- Cancellation of 305,804,558 shares reduces outstanding shares by 46.28%.
- Current outstanding shares now total 355,025,304, improving share structure.
- Previous management's failure to consummate the acquisition agreement in 2010 led to share cancellation.
HOLYOKE, Mass., March 28, 2022 /PRNewswire/ -- NextMart, Inc. (the "Company" or "NXMR" - Pink Sheets Alternative Reporting Pink: NXMR) – NXMR would like to announce that it has cancelled 305,804,558 shares of Common Stock previously issued.
During March 2010, the Company entered into an asset exchange and subscription agreement ("Agreement") for the acquisition of various assets of China Internet Broadcasting, Limited ("CIB"). CIB defaulted under the obligations of the Agreement. As such, the Company completed the cancellation of 305,804,558 shares of Common Stock issued under the Agreement due to breach of contract by CIB. This cancellation of the Common Stock issued under the Agreement was completed by the Company's transfer agent on March 24, 2022. The current issued and outstanding Common Stock of the Company upon the completion of this cancellation is now 355,025,304.
William Bouyea (CEO of the Company), states…"As part of the corporate cleanup of the Company conducted over the past twelve months, we have been reviewing previously issued large blocks of Common Stock by previous management teams. On March 24, 2022, we succeeded in cancelling 305,804,558 shares of Common Stock that was previously issued pursuant to an acquisition agreement that occurred in 2010 that was not fully consummated. This cancellation of the Common Stock of the Company has resulted in a
The Company is still analyzing several previous block issuances of the Common Stock of the Company. It is anticipated that the Company will be successful in future cancellations of Common Stock like the one that has been announced today.
Forward Looking Statement
Certain statements that we make may constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. The statements contained herein may contain certain forward-looking statements relating to NXMR that are based on the beliefs of NXMR's management as well as assumptions made by and information currently available to NXMR's management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. These forward-looking statements include, without limitation, statements relating to the NXMR's business prospects, future developments, trends and conditions in the industry and geographical markets in which NXMR operates, its strategies, plans, objectives and goals, its ability to control costs, statements relating to prices, volumes, operations, margins, overall market trends, risk management and exchange rates.
ABOUT US
NextMart, Inc., a Delaware Corporation, is a public quoted Pink Sheet issuer under the ticker symbol "NXMR". Currently, NXMR currently is a shell company with a new management team with plans to become a current alternative reporting issuer with OTC Markets. The Company is currently looking for an appropriate business acquisition.
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SOURCE NextMart, Inc.
FAQ
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